BusinessLocal Business

OneUnited Bank Passes 100,000 Customers

Bank Credits #BankBlack Social Movement for Surge

OneUnited Bank, the largest Black-owned bank in the country, announced that it has achieved a milestone of over 100,000 customers, a feat they say hasn’t been achieved by a Black bank since Maggie Lena Walker’s St. Luke Penny Savings Bank in Richmond, Va.

Back in 1903, Walker was the first Black woman and first woman bank president in the United States.

OneUnited Bank credits its social justice activism and its technology platform for its rapid growth with Visa debit cards featuring “football players taking a knee,” king and queen royalty cards and one with Harriet Tubman giving the Black Panther Wakanda salute.

In 2016, rapper and activist Killer Mike urged Black America to move their money to a Black-owned bank, in response to the killings of unarmed Black men, spawning the #BankBlack movement.

After the 2020 murder of George Floyd, #BankBlack saw another surge in depositors, according to bank officials.

They said that racial turmoil this year motivated customers to join what they call the “unapologetically Black” OneUnited Bank, bringing the institution to over 100,000 accounts.

Bank officials say their focus in on closing the racial wealth gap and creating generational wealth.

“Our customer base continues to grow rapidly, and we have expanded access and now have over 100,000 locations to better meet their needs,” said Teri Williams, President & COO of OneUnited Bank. “Importantly, we’re on our way to fulfilling Black America’s long-held dream of organizing our spending power to create social and economic equality in our society.”

OneUnited announced the expansion of its banking services to over 100,000 locations to accommodate the bank’s rapid customer growth — including the new Cash to Your Card service, which gives its customers access to an additional 90,000 plus locations nationwide.

Customers can also utilize Green Dot to deposit cash on the go including Reload @ the Register, Walmart’s Rapid Reload and MoneyPak.

In the past two years, the banks says it has financed over $100 million in loans – most in low to moderate income communities such as California’s South Central community in Los Angeles, Liberty City in Miami, Fla. and the Roxbury section of Boston.

Formerly the Boston Bank of Commerce, the bank merged with Founders National Bank of Los Angeles to form OneUnited Bank in 2001, which boasted majority owners like Earvin “Magic” Johnson, Janet Jackson and music executive Jheryl Busby.

Representatives of OneUnited say its growth over the years has been through acquiring community banks across the country that are equally dedicated to its mission like Founders National Bank of Los Angeles, Family Savings Bank in Los Angeles and People’s National Bank of Commerce in Miami.

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Sarafina Wright –Washington Informer Staff Writer

Sarafina Wright is a staff writer at the Washington Informer where she covers business, community events, education, health and politics. She also serves as the editor-in-chief of the WI Bridge, the Informer’s millennial publication. A native of Charlotte, North Carolina, she attended Howard University, receiving a Bachelor of Arts in Journalism. A proud southern girl, her lineage can be traced to the Gullah people inhabiting the low-country of South Carolina. The history of the Gullah people and the Geechee Dialect can be found on the top floor of the National Museum of African American History and Culture. In her spare time she enjoys watching either college football or the Food Channel and experimenting with make-up. When she’s not writing professionally she can be found blogging at E-mail: Social Media Handles: Twitter: @dreamersexpress, Instagram: @Sarafinasaid, Snapchat: @Sarafinasaid

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